Fears surrounding a potential supply disruption have raised
concerns over available spare capacity. The market’s growing
concern about spare capacity has again come into focus with OPEC
production at multi-year highs. The market may need to replace
anywhere from 0.8 to 2.0 mmb/d of Iranian exports this summer,
while a worst-case scenario may involve a closure of the Strait
of Hormuz, where 15-17 mmb/d of oil flows. These instances could
necessitate both an increase of OPEC production and a release of
strategic petroleum reserves (SPR).
...
Despite OPEC reassurances, an SPR release may be at hand. A
closure of the Strait of Hormuz would necessitate a global SPR
release. With the potential to release 14.4 mmb/d within 1-2
weeks, the IEA’s global SPR should be sufficient to offset what
would likely be a short-lived disruption. Moreover, recent
reports suggest the US and UK may be planning a pre-emptive
release, which has helped cap the recent rise in crude prices.

A release of the SPR would have a major impact on prices. Here's
a review of the last 7 SPR releases and how the moved Brent, West
Texas Intermediate, and Louisiana Light Sweet prices: